Sector: Oil & Gas
RU_TATN
Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.
Shares: connector/market_inputs
| Period | Issues |
|---|---|
| 2023-06-30 H1 | ⚠Warn 3 |
| 2023-12-31 FY | ✓OK |
| 2023-12-31 H2 | ⚠Warn 1 |
| 2024-06-30 H1 | ⚠Warn 2 |
| 2024-12-31 FY | ⚠Warn 2 |
| 2024-12-31 H2 | ✗Errors 1Warn 2 |
| 2025-06-30 H1 | ✗Errors 1Warn 2 |
| 2025-12-31 FY | ⚠Warn 2 |
| 2025-12-31 H2 | ✗Errors 1Warn 1 |
Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.
| Date | Period | Status | RevenueB USD | Operating profitB USD | D&AB USD | EBITDAB USD | Net profitB USD | Operating CFB USD | Capex + M&AB USD | AssetsB USD | EquityB USD | ROE (annualized) | Net debtB USD | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025-12-31 | H2 2025 (6M) | OK | 13.2 y/y -14.5% | 2.0 y/y -30.5% | 0.6 y/y 23.3% | 2.6 y/y -23.2% | 1.4 y/y -37.9% | 2.2 | -73.7 | 29.9 y/y -3.2% | 18.6 y/y -0.4% | 11.7% | -22.7 | Report (PDF) |
| 2025-06-30 | H1 2025 (6M) | OK | 12.3 y/y -5.7% | 1.6 y/y -43.6% | 0.5 y/y 11.5% | 2.0 y/y -36.3% | 0.8 y/y -64.2% | 1.5 | -67.8 | 29.3 y/y -1.0% | 17.9 y/y -1.2% | 8.3% | 27.1 | Report (PDF) |
| 2024-12-31 | H2 2024 (6M) | OK | 15.4 y/y 13.9% | 2.9 y/y 3.4% | 0.5 y/y 8.1% | 3.3 y/y 4.0% | 2.2 y/y 2576.7% | 3.2 | -94.2 | 30.9 y/y 7.8% | 18.7 y/y 11.1% | 23.6% | -89.2 | Report (PDF) |
| 2024-06-30 | H1 2024 (6M) | OK | 13.1 y/y 49.3% | 2.8 y/y 25.1% | 0.4 y/y -2.7% | 3.2 y/y 20.6% | 2.1 y/y — | 2.8 | -80.5 | 29.6 y/y 13.8% | 18.1 y/y 8.4% | 24.3% | -97.3 | Report (PDF) |
| 2023-12-31 | H2 2023 (6M) | OK | 13.5 y/y — | 2.8 y/y — | 0.4 y/y — | 3.2 y/y — | -0.1 y/y — | 4.9 | -129.4 | 28.7 y/y — | 16.8 y/y — | -0.9% | -56.7 | Report (PDF) |
| 2023-06-30 | H1 2023 (6M) | OK | 8.7 y/y — | 2.2 y/y — | 0.4 y/y — | 2.6 y/y — | -0.1 y/y — | -0.4 | -97.7 | 26.0 y/y — | 16.7 y/y — | — | -95.1 | Report (PDF) |
Physical operating metrics — supplementary, not part of the financial statements
Oil & Gas (oil)
| Year | Production, Mt |
|---|---|
| 2025 | 27.83 +1.9% |
| 2024 | 27.30 |
Tatneft FY2025 oil production 27.83 Mt (+2% YoY). FY2024 27.3 Mt. Proved reserves not shown (disclosed figures conflate ABC1+C2 — unreliable as a single number).
Quarterly values ($ mln)
Year-over-year change
FCF ($ mln)
Net debt / cash ($ mln)
Current 89spot vs LTM +29%
Oil model: per-barrel, net-of-tax EBITDA projection. Only part of a Urals move reaches EBITDA — the rest is taken by mineral-extraction tax (~75% at the margin). Production × net-of-tax × Δprice → EBITDA → conservative (min spot/avg) → target market cap at the current EV/EBITDA.
USD/RUB: spot 72 vs LTM-avg 80 → ×0.90 (ruble stronger → less RUB revenue); applied to USD-priced commodities (RUB gold left as-is).
Upside (conservative): +17% · spot +22% · 3-yr +12%
How it is calculated — revenue → costs → EBITDA → conservative EBITDA → target market cap
| 1 · Reported baseline (latest FY) | |
| Revenue | 1.82 trn RUB |
| EBITDA | 327.5 bln RUB |
| Cash costs (revenue − EBITDA) | 1.49 trn RUB |
| 2 · Urals oil price ($/bbl) | |
| Spot | $89.1 |
| LTM average | $69.1 |
| 3-yr average | $80.2 |
| 3 · EBITDA projection (per-barrel, net of tax) | |
| Production, mln bbl/yr · Frontier 2025 (Mt) | 204 |
| Net-of-tax pass-through of Δprice (НДПИ) | 25% |
| Price effect on EBITDA — spot | 73.7 bln RUB |
| Price effect on EBITDA — 3-yr | 41.1 bln RUB |
| = Spot EBITDA (LTM + effect) | 401.2 bln RUB |
| = 3-yr-price EBITDA | 368.7 bln RUB |
| = Avg-scenario EBITDA (spot + 3-yr)/2 | 384.9 bln RUB |
| Conservative EBITDA = min(spot, avg(spot, 3-yr)) | 384.9 bln RUB |
| 5 · Valuation → target market cap | |
| EV/EBITDA (current) | 4.2x |
| Target EV = EV/EBITDA × conservative EBITDA | 1.60 trn RUB |
| Net debt | -22.7 bln RUB |
| Target market cap = EV − net debt | 1.62 trn RUB |
| Current market cap | 1.38 trn RUB |
Upside = target market cap ÷ current − 1 = +17%
Dividend-model upside: -10%
The payout is forecast from smoothed profit × payout ratio, capped by free cash flow (developers exempt — escrow) and floored at the recent actual dividend (companies hold payouts while profitable). Fair yield = key rate + the historical yield-spread to the rate (so growers that historically traded below the rate score higher). Upside = fair price / current − 1.
| 1 · Forecast dividend (per policy) | |
| Smoothed net profit (median YTD-ann./LTM/FY) | 152 bn RUB |
| Payout ratio | 56% |
| Free cash flow (FY, OCF − capex) — caps payout | 120 bn RUB |
| Recent actual dividend (3-yr median) | 22.48 ₽ |
| = Forecast dividend per share | 58.58 ₽ |
| 2 · Fair yield (spread to key rate) | |
| CBR key rate | 14.5% |
| Historical yield spread to rate (3-yr median) | -3.6 pp |
| = Fair dividend yield | 11.0% |
| 3 · Valuation → upside | |
| Current price | 592 ₽ |
| Forecast dividend yield | 9.9% |
| Fair price (dividend-based) | 533 ₽ |
Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.
No dividend rows found for this issuer.
Investor reporting (IR): https://www.e-disclosure.ru/portal/files.aspx?id=118
Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)